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China Morning Snapshot – 25 December 2020China Morning Snapshot – 25 December 2020 |
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Sentiment on the Dalian Commodity Exchange remains sluggish throughout the morning session, with major contracts for PP and LLDPE continue to settle in the red.
Details on the spot and futures prices are shown in the following table:
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25 December 2020 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2105 |
CNY 8189 |
USD 1110 |
-CNY 68 |
-USD 10 |
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LLDPE 2105 |
CNY 7770 |
USD 1053 |
-CNY 80 |
-USD 12 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8350-8450 |
USD 1132-1145 |
Stable |
Stable |
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LLDPE (North China) |
CNY 7800-8000 |
USD 1057-1084 |
-CNY 50 |
-USD 8 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Compared to the previous trading day, PP and PE inventories at Sinopec and CNPC’s warehouses have digested 50,000 tons to 565,000 tons as of 25 December 2020. (Correction: Total stocks were at 615,000 tons on 24 December 2020. The previous Snapshot reported at 620,000 tons.)
Trading activities have not registered any major changes from the previous day. Buyers prefer to source in small quantities while waiting for additional discounts. There have been reports that more companies in the manufacturing sector in the Northern China area are being ordered to shut down due to persistent air pollution.
“Buyers might return to make new purchases at the beginning of January once the Eastern area eases the electricity cuts, especially in the Zhejiang area,” a trader said.
Country
China
